Mortgage Rates January 29, 2018

Mortgage rates for January 29, 2018 are starting off the day at higher levels due to the the 10y yield moving past the 2.70%.  At the open; the 10y yield 2.72% as comments out of the European Central Bank (ECB) sent bond yields in Europe higher.  Bonds have generally been trending higher since mid-December, and prior to that they moved mortgage interest ratehigher from November 2016 – late summer/early fall 2017.  While equities have moved higher during this time; bonds have been under almost constant pressure as investors worry a bond bear market has begun (which has not been seen for decades).  However the market could move the 10y yield to 3% and the long term trend (bull market) would still be intact.  This week we have PCE, Core PCE and personal income on Monday; Tuesday we have CaseShiller index along with Consumer Confidence; on Wednesday we have MBA mortgage purchase, MBA mortgage refinance, ADP employment, Employment wages, Chicago PMI, oil and the FOMC rate decision (some expecting them to raise rates by 0.25%). Thursday we have weekly jobless claims,  ISM and Construction spending and on Friday we have the BLS employment report, wages and Factory orders.

Currently we’re seeing 30 year fixed mortgage rates below 4.375%, 20 year fixed mortgage rates below 4.25% and 15 year fixed rates below 3.875%.  Mortgage rates for some “A” level borrowers (high credit score, low loan to home value ratio, low debt to income ratio and no cash out) are as low as 4.00% on the 30 year fixed rate loan program (conforming, 1 point), 20 year fixed 3.875% (conforming, 1 point) and on the 15 year as low as 3.50% (conforming, 1.25 points).  As mentioned the 10y yield started off the day at the 2.72% level and the FNMA 30y 3.5  coupon started off the day at the 101.00 level.

Call us today for a no cost – no obligation quote at 1-800-550-5538.  We offer industry low mortgage rates and have a top rating with the Better Business Bureau and the Business Consumers Alliance.